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Grupo Mexico offers plans to pay off Asarco claims

Thu Jun 12, 2008 11:06pm EDT

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CORPUS CHRISTI, Texas, June 12 (Reuters) - Grupo Mexico (GMEXICOB.MX) said on Thursday it would put up to $4.1 billion to pay off claims against its bankrupt copper mining subsidiary Asarco LLC.

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Under the proposal made by a Grupo Mexico attorney in federal bankruptcy court in Corpus Christi, Texas, the company would put up $2.7 billion to pay off the claims, use $1 billion Asarco has on hand and then put in a further $440 million, if needed.

An Asarco board member said he would ask the full board to evaluate the new proposal. (Reporting by Erwin Seba; Editing by Louise Heavens)

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